The One Big Beautiful Bill Act (OBBBA What You Need to Know

Many accounting and finance practitioners have had difficulty understanding and applying the One Big Beautiful Bill Act (OBBBA). Accounting and finance practitioners are still confused and challenged by many of the new and extended tax provisions that the OBBBA delivered. Mastering these crucial provisions requires multiple exposures to these challenging tax changes. This program is a four-hour review and analysis of the most important changes from the OBBBA that impact both individual and business taxpayers. This course affords accounting and finance practitioners an opportunity to gain a broader, deeper understanding of this wide-ranging set of new tax rules, to grasp what is new and what is a continuance of prior rules, and to develop deeper planning insights into the many changes that the OBBBA contains. 

To the extent that the Treasury has provided guidance relating to OBBBA changes, we will discuss that guidance. We will also point out areas where Treasury guidance would be useful and areas where guidance is expected.

Objectives

• Be well informed about individual and business tax changes resulting from the OBBBA

Highlights

• The $6,000 senior deduction
• The QBI deduction
• Changes in the estate tax
• Wagering losses
• The SALT cap
• Tips, overtime, and car loan interest
• 1099 changes
• Trump Accounts
• Investments in students and education
• Bonus and Section 179 changes, including depreciation for qualified production property
• Full expensing of domestic research and experimental expenditures
• Changes in the deduction of business interest and business losses
• Renewal of Opportunity Zones
• Individual and corporate charitable contribution changes
• Expansion of Section 1202 stock
• Termination of credits for environmentally clean autos and expenditures
• Many other individual and business income tax changes contained in the OBBBA

Who Will Benefit

Departments and individuals that manage mixed generations

Credits

Leaders

• Michael A. Frost

  Michael A. Frost, CPA, EA MDA Professional Group, P.C. / Albertville, AL

  Mike Frost, CPA, EA is an associate and shareholder of MDA Professional Group, P.C. and has been with the Albertville office since 1989. Currently a tax partner, Mike specializes in all areas of income tax and small business consulting including but not limited to: Business and individual income tax preparation and planning, estate and retirement planning, estate, gift, and trust tax preparation, small business consulting, Medicare planning and other elder care, audit representation, religious groups and clergy. Mike has conducted CPE engagements and seminars for the Alabama Society of Enrolled Agents and the Childcare Resource Network of Alabama and has been a featured speaker at the Annual Federal Tax Clinic hosted by the University of Alabama. Mike has served as technical advisor for tax articles for the Sand Mountain Reporter newspaper, and has been a regular on the public speaking circuit. Mike also conducts in-house training in all areas of income tax for his firm. Mike has been Mike graduated with "high honors and distinction" from Jacksonville State University with a major in accounting and a minor in finance and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants, the Alabama Society of Certified Public Accountants, the National Association of Enrolled Agents, the Alabama Association of Enrolled Agents, and the Accountants Global Network, International. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA. Mike is an ordained minister and pastor. He enjoys music, and is a vocalist in a local Christian band. He is also active in his community as an Albertville Rotarian. Mike resides in Albertville, Alabama with his wife, Kay, and two children, Dylan and Sarah.

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